(MENAFN- Trend News Agency ) BAKU, Azerbaijan, Sept. 21
By Fakhri Vakilov – Trend:
National Bank for Foreign Economic Affairs of Uzbekistan has assumed the chairmanship of the Shanghai Cooperation Organization Interbank Consortium (SCO IBC) for 2021-2022, Trend reports citing the press service of the bank.
It was announced during the 17th meeting of the Council in Tajikistan capital of Dushanbe. Previously, it was headed by the state savings bank of Tajikistan "Amonatbank".
The event was attended by the heads of development banks of the SCO member states, paying special attention to the issues of expanding interaction with international financial institutions operating in the SCO space and in the Asian region, maintaining investment cooperation of IBC member banks, in the field of personnel training and exchange of experience.
The participants of the meeting noted the importance of the practical implementation of the new version of the Strategy for the further development of the SCO IBC for the medium term (2022-2026), which is considered as an important tool for combining efforts and coordinating positions on deepening multilateral cooperation within the IBC.
The adopted strategy provides for a set of measures to overcome the consequences of the pandemic, create conditions for inclusive economic development, stimulate trade and investment, as well as areas of cooperation between IBO member banks for the next 5 years.
The effectiveness of the work of member banks was emphasized by a certain "Roadmap" to overcome the negative consequences of the coronavirus pandemic for 2021-2023 and "Joint Approaches to Expanding the Use of National Currencies in the SCO Area" that was practically implemented by IBC member banks starting this year.
The SCO IBC was established in accordance with the Agreement on Interbank Cooperation within the SCO of October 26, 2005. It serves as a mechanism for financing and banking investment projects implemented in the SCO area and supported by the SCO member states.
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